‘7-20-25’ mortgage program applications totaling KZT 7.3B approved

ALMATY. KAZINFORM - The National Bank of Kazakhstan has informed on the implementation of social programs, Kazinform correspondent cites the central bank's press service.

"As of August 9, 2018, 1,039 applications for loans to the total amount of KZT 11.9 billion have been submitted under the ‘7-20-25' Mortgage Program, of which, 640 loan applications totaling KZT 7.3 billion have been approved," the National Bank's representative said.

The ‘7-20-25' Mortgage Program was developed in the furtherance of the Five Social Initiatives announced by the Head of State on March 5 this year. The program was approved by the National Bank in late May. Mortgage loans are issued under the following terms: the interest rate of 7% per annum, down payment of 20%, and the duration of loan up to 25 years.

Any citizen of the Republic of Kazakhstan, who earns employment or business income and does not have a property in a dwelling, is entitled to participate in the new mortgage program.